The trends which took shape in the second half of 2023 are still apparent in Saint Petersburg warehouse estate market.

The growth of rental rates to record highs for the history of the market development amid the acute shortage of vacant space directly affects the behavior of all market participants and satisfied demand indices, which at the end of Q1 2024 amounted to 60,000 sq m.

At the moment, there are no prerequisites for drastic changes in the current situation: new speculative supply expected to be commissioned in 2024 will not be able to fully satisfy all interested tenants due to the fact that most of the storage space has already been contracted. Meanwhile, customers in need of large areas in most cases have no other alternative but to sign BTS deals.

Throughout the year it is expected that rental rates will continue to grow and the vacancy rate will drop to record low levels.